Companies Cut DEI Language in Filings as Political Climate Shifts

Corporate language is evolving as diversity, equity, and inclusion (DEI) terminology vanishes from public filings. A report by The Conference Board reveals a notable decline in the use of terms such as “diversity,” “racial,” “gender,” and “DEI” in the 2025 Form 10-K filings of major U.S. public companies. Specifically, more than a third of S&P 100 firms have stopped using the term “equity,” while the use of “DEI” dropped by 68% from 2024 to 2025 among S&P 500 firms [1]. These filings are legally mandated annual reports that summarize a company’s financial performance and business operations.

The trend coincides with a broader shift as companies retreat from DEI initiatives in response to recent executive actions by President Donald Trump. Many executives have questioned whether maintaining these programs—initially launched in response to the 2020 racial reckoning following the murder of George Floyd—might now pose legal or political risks [1]. Ani Huang, senior executive vice president of the HR Policy Association, explained that in the current climate, companies are choosing to avoid disclosures that could attract scrutiny or invite adverse attention. “If in the current environment, it’s something that could actually wind up harming the company or putting a target on their back or triggering political consequences that are not in line with what the actual goal is, they just won’t use that disclosure,” she said [1].

The report also indicates a decline in the voluntary disclosure of workforce demographic data. The share of companies reporting on the representation of women in management positions has dropped by 16%, while those disclosing the overall share of women in their workforce have fallen by 14%. Similarly, board diversity disclosures have seen a similar decline, with a 22% reduction in companies identifying the gender of individual board members and a 20% drop in those sharing the race or ethnicity of board directors [1].

Despite this apparent retreat from public discussion, Huang emphasizes that this does not necessarily mean companies have abandoned their DEI goals. “I think that companies remain focused on building these inclusive, high-performing workplaces,” she stated. “It has nothing to do with politics. It’s how they find and keep the best talent, and they’re going to continue to do that. They’re focused on meritocracy.” Nevertheless, she acknowledges that the most effective approach in the current environment is to proceed with discretion. “In today’s environment, we’ve just found the most effective way to continue this work on a legal basis is by doing it quietly,” she added [1].

The shift underscores the growing tension between corporate values and the political climate, as companies navigate an uncertain landscape while attempting to maintain their commitment to inclusive workplace cultures without drawing unwanted attention [1].

Source: [1] 'DEI' as a dirty word: Companies are saying a lot less about ... (https://fortune.com/2025/08/18/dei-diversity-equity-inclusion-words-public-filings-10k-secretive-meritocracy/)